DEED-IN-LIEU-OF FORECLOSURE

The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The main advantage to the borrower is that the lieu of foreclosure immediately releases him from the personal debt and liability associated with the defaulted loan. The borrower also avoids the expense of a foreclosure proceeding and may receive better terms than the borrower would in a formal foreclosure.

If you have been unable to make your monthly mortgage payments and you have not been able to sell your property at market value, a Deed-in-lieu of Foreclosure may be the answer for you.  This procedure enables you to transfer your property voluntarily to your lender and your debt and possible deficiency is often forgiven. This will not save you from losing your property, but it will give you the opportunity to obtain a mortgage loan in the future, and it will help you avoid a lengthy foreclosure proceeding. Although it will have a negative impact on your credit rating, it is less harmful than a mortgage foreclosure.

Typically your lender will require your property to have been listed with a real estate agent for at least 30 days, and no other liens on such property, for them to approve you. Some lenders may also require that the property be vacant, an interior appraisal of the property, and a minimum of 60 days prior to a Foreclosure sale. Let our experienced foreclosure lawyers assist you to negotiate with your lender, and to file the property paperwork to get you out of your current mortgage debt. 

Contact a Miami Foreclosure Defense Lawyer at Dominguez & Associates, P.A.